Earnings Recap – November 10th 💰

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Earnings Recap – November 10th

Coinbase

Coinbase, the largest cryptocurrency exchange in the U.S., reported third-quarter earnings after the bell on Tuesday and missed analysts’ estimates on revenue.

The cryptocurrency exchange reported revenue of $1.31 billion versus analysts’ consensus of $1.57 billion down from $2.28 billion in the second quarter. Trading volume slumped to $327 billion, down 29% sequentially. Additionally, the company reported $1.62 in per-share earnings, compared with the consensus expectation for $1.81.

Monthly transacting users declined from the previous quarter at 7.4 million from 8.8 million in the second quarter. However, the company grew 6.1 million from the prior year.

Chief financial officer Alesia Haas said during a conference call with analysts that a more tranquil trading environment weighed on Coinbase’s results. “The story of our third quarter really centers on lower volatility that we saw early in the quarter,” Haas said.

“Our monthly transacting users and trading volumes and, therefore, transaction fee revenue, all correlate with volatility.”

Shares of Coinbase sunk more than 11% premarket after the company reported lower-than-expected quarterly revenue.

Disney

Disney reported fiscal fourth-quarter earnings on Wednesday after-the-bell.

Disney reported earnings of 37 cents per share on revenue of $18.53 billion. Wall Street expected earnings of 51 cents per share on revenue of $18.79 billion, according to Refinitiv. Disney+ subs also came in short of estimates at 118.1 million, compared to the forecast of 125.4 million.

The company posted quarterly results that missed Wall Street’s expectations as the media giant saw a more marked-than-expected slowdown in Disney+ streaming subscribers, with consumer mobility picking up and virus-related disruptions weighing on show production.

During the Goldman Sachs Communacopia Conference in September, CEO Bob Chapek said the segment’s growth had “hit some headwinds” and that Disney expected to add “low single-digit millions” of streaming subscribers in the fourth quarter.

Shares of the media giant dropped more than 4% in after-hours trading after missing the top and bottom lines of its quarterly results.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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